Rental properties are leasing quicker than ever, with the time it takes to lease a rental property in Australia reaching its lowest level in 2023.
High demand for rental properties and record-low stock levels have meant more renters are fighting for fewer properties, causing homes to be snapped just days after hitting the market.
The median rental days on market at the national level is sitting at just 20 days, but in some suburbs, properties are leased in half that time.
Perth has the lowest median rental days on market in the country at just 16 days. Brisbane and Adelaide are close behind at 17 days.
Of the capital cities, Canberra has the highest median days on market at 24.
In the regional areas of Australia, it takes longer for rental properties to lease, as demand is lower.
Regional Northern Territory rentals are being leased in 29 days, six days higher than regional Western Australia and Victoria.
North Beach in Perth is the suburb with the lowest days on market for houses at just 11 days.
| Rank | Property Type | Suburb | Median days on market |
| 1 | House | North Beach WA | 11 |
| 2 | House | Coolbellup WA | 12 |
| 3 | House | Loftus NSW | 12 |
| 4 | House | Revesby Heights NSW | 12 |
| 5 | House | Albion QLD | 13 |
| 6 | House | Blair Athol SA | 13 |
| 7 | House | Huntingdale WA | 13 |
| 8 | House | Menai NSW | 13 |
| 9 | House | Marion SA | 13 |
| 10 | House | Langford WA | 13 |
In another Perth suburb, Coolbellup, near Fremantle, houses are rented in just 12 days.
But there are also suburbs in Sydney, Brisbane, and Adelaide with very low days on market, indicating that most capital cities are experiencing the same issue.
City units are in even higher demand than houses, with Dee Why rentals being leased in 9 days.
| Rank | Property Type | Suburb | Median days on market |
| 1 | Unit | Dee Why NSW | 9 |
| 2 | Unit | Gosnells WA | 10 |
| 3 | Unit | Cromer NSW | 10 |
| 4 | Unit | Oatley NSW | 10 |
| 5 | Unit | Stafford QLD | 10 |
| 6 | Unit | Jannali NSW | 11 |
| 7 | Unit | Lakemba NSW | 11 |
| 8 | Unit | Westminster WA | 11 |
| 9 | Unit | Wiley Park NSW | 11 |
| 10 | Unit | Wooloowin QLD | 11 |
In the inner cities, 71% of suburbs have a median days on market for units of 20 days or below, compared to 48% of suburbs for houses.
The regional suburbs with the shortest days on market for houses are mostly in Queensland, with houses in Goondiwindi in the Darling Downs only lasting 11 days before being leased.
| Rank | Property Type | Suburb | Median days on market |
| 1 | House | Goondiwindi QLD | 11 |
| 2 | House | Stanthorpe QLD | 11 |
| 3 | House | Kingaroy QLD | 12 |
| 4 | House | Kleinton QLD | 13 |
| 5 | House | Bowen QLD | 13 |
| 6 | House | Merimbula NSW | 13 |
| 7 | House | Charleville QLD | 14 |
| 8 | House | Atherton QLD | 14 |
| 9 | House | Port Pirie West SA | 14 |
| 10 | House | Cranley QLD | 14 |
In 41% of regional suburbs, median days on market for houses are 20 days or lower; for units, it is 55%.
Clifton Beach, in Cairns and Whitebridge, in Newcastle have the shortest days on market for units at just 11 days.
| Rank | Property Type | Suburb | Median days on market |
| 1 | Unit | Clifton Beach QLD | 11 |
| 2 | Unit | Whitebridge NSW | 11 |
| 3 | Unit | Trinity Beach QLD | 12 |
| 4 | Unit | Gympie QLD | 12 |
| 5 | Unit | Kirwan QLD | 13 |
| 6 | Unit | Kahibah NSW | 13 |
| 7 | Unit | Bowen QLD | 13 |
| 8 | Unit | Boorooma NSW | 13 |
| 9 | Unit | Battery Hill QLD | 13 |
| 10 | Unit | Harristown QLD | 13 |
Rental properties remain in short supply as the population is increasing faster than expected, and investors have been selling up rental properties as interest rates and mortgage repayments have skyrocketed.
Summer is traditionally a busy time for the rental market, so we can expect to see demand for rental properties increase and the number of days to lease a property drop even lower.
